Cinedigm said it received notice from the Nasdaq Stock Market that it was not in compliance with the exchange's listing rules and could be delisted because it failed to file its annual report in a timely manner.
Before being delisted, Cinedigm is required to submit a plan to regain compliance within 60 days from the date of the notice, which was July 20. If the plan is accepted by Nasdaq, the exchange can give the company up to 180 days from the notice to regain compliance.
Cinedigm said it intends to file the annual report--Form 10-K--as soon as possible and within the next few days. Filing the form would satisfy Nasdaq rules.
Earlier this month, Cinedigm announced the launch of the Elvis Presley Channel as an ad-supported VOD and linear streaming service.
Cinedigm reported preliminary results on July 14. The company said it doesn’t expect any changes to be made to the preliminary results.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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